Happy New Year to all and best wishes for you and your family! Now that the New Year has arrived it is time for resolutions and to make them reality. Over the years, I have read a lot and learned from the best. The key I have found is not to just understand what you are reading, but to apply what you learn for results, massive results. Here are 10 things you can implement for massive results!
- Start with Writing Down Goals and Tasks to Achieve – There is a direct correlation between the most successful people and the fact that they write down their goals and the tasks to achieve them. Without goals, there is no direction which oftens leads to spinning in circles. If you want results, start with writing down goals and the tasks to achieve them.
- Multiply your goals by 10X – You may be thinking this is crazy, I agree, it is crazy. But it works! A while back I had a goal to earn 2K per month from a stream of income. I read a great article about the benefits of multiplying your goals by 10X so I tried it. The results were amazing. Just going through the exercise of writing down the tasks to achieve these now much greater goals made me realize I was doing it all wrong and how to do it right. I was now thinking like an entrepreneur who is building a business, not building a job for myself were I am constrained by time. I found opportunities, bottlenecks/challenges, created systems, delegated and most importantly I realized incredible results. Even if you only achieve half of the new goal, that is 2.5X your original goal.
- Clarity, Clarity, Clarity – The key to productivity, overcoming procrastination and getting things done is Clarity. You must be relentless about clarity. Start with your goals, make them as clear as possible. Then make the tasks to achieve your goals as clear as possible. Then as you begin adding items from your tasks to achieve to your ToDoList make these items as clear as possible. Next thing you know is you will have taken a very challenges goal or task, divided it up into simple tasks that will achieve the desired result. Clarity is king. Become relentlessly clear about everything you do and you will realize massive results!
- 80/20 Principle – The 80/20 principle, pareto’s law, states that 80% of results come from 20% of X, X being a variable such as clients, efforts, tasks, employees, etc. For example, 80% of your profits come from 20% of your clients. This principle can be implemented in many ways. Use it to find out what 20% of your efforts result in 80% of your results. Also, focus on the 20% of your clients that result in 80% of your profits. You can even use the principle to find out what 20% of causes result in 80% of your challenges, 20% of the areas that result in 80% of your deals and 20% of your marketing that result in 80% of your results. Implement the 80/20 principle and you can realize huge positive results.
- Parkinson’s law – Parkinson’s law states that if you have a lot of time to do something, you will make a mountain out of a molehill. For instance, if you have 2 months to do a paper for school, it will take you 30 hours, 24 of hours barely add value to the paper. Now if you have 1 day, you will finish in 6 hours because you will focus only on the items that add the most value. So when you have a task, give yourself a short deadline in order to be efficient. I have found it useful to reward myself when I complete a task such as I get to do something fun like go to a concert or sporting event only if I finish. You can use consequences as well, such as no showers until a task is complete. Just kidding, but you get the idea.When Pareto’s law is used with the 80/20 principle you can be effective and efficient, a true double threat!
- Create effective systems and delegate them – Businesses are run on systems. When beginning or building a business the biggest constraint is usually time. No owner has time to do everything in order to grow big and fast. By creating clear and effective systems, tasks can be delegated to achieve massive results and free up your time to do more important items. The most successful business owners do not handle the daily processes, they have systems and have delegated them. They spend their time on value added tasks that will grow and improve the business while the business runs without them.
- Find deals with no competition – This is no secret, negotiating without competition results in some of the best deals. Properties that are listed often have way too much competition. Consider doing direct mail to distressed sellers such as foreclosure, tax lien, probate and other lists. Learn how to buy at auctions before a foreclosure becomes bank owned, there are tons of great deals and often low competition. Contact out of state and absentee owners, owners with a lot of equity, vacant properties, expired listings, etc. You can even contact rental ads to see if they would entertain an offer. Negotiate directly with sellers. There are a lot of deals out there, if you minimize the competition and find lots of prospects you will get much better deals.
- Learn to evaluate deals in 10 minutes – Create a system to evaluate deals in a maximum of 10 minutes. Figure out the important items such as ARV, rent estimate, rehab amount, good area, etc and how to quickly evaluate a deal. Quickly weed out the duds, write a lot of offers and save the thorough due diligence for escrow.
- Join a mastermind group – Mastermind groups are incredible. A mastermind groups is like having free business coaches. You have other experienced experts dissecting your business plan, offering advice, support, networking, contacts and tremendous help. They can even provide accountability as they will not be happy if you do not meet your deadlines and goals that you set. I recommend it to everyone.You can build your own or join an existing one.
- Educate yourself – Real estate is an ever changing industry. The market, laws, strategies, lending practices, etc are constantly changing. Business and technology are constantly evolving too. Education is the best investment, you can spend 5 hours to learn better negotiating and it can have a tremendous effect on your bottom line. Write down skills that will improve your business then learn them. Read books on business, self improvement, real estate, investing, etc. Some books I recommend are 4 Hour Work Week, Emyth Revisited, Goals by Brain Tracy, The Secret of Success by William Walker Atkinson and Rich Dad Poor Dad.
These are 10 ideas that can lead to massive results. Please share, what ideas do you have to make the new year a great one?